legal help
Nehal Ahmed
(Querist) 28 July 2010
This query is : Resolved
Myself and my younger brother purchased a flat after taking loan from a private bank. The bank initially had sanctioned the loan for which we had opted. Later on, the bank asked us to go for an insurance for the loan. Our financial condition was not permitting us to go for the same. This being told to the bank , it suggested us that we will not have to bother for the insurance amount because the bank itself will provide the amount meant for loan insurance. Subsequently, a fresh loan sanction letter was issued by the bank wherein the amount of insurance was also included by the bank. The loan was sanctioned as myself being the main applicant and my younger brother being the co-applicant. Moreover, a loan care insurance certificate was also issued by the insurance co., a subsidiary of the bank in the name of main applicant only.
Unfortunately, my younger brother met with a road accident, suffered severe brain injury and passed away.
The bank was informed about this and a request was made to waive half of the loan amount but the bank refused on the ground that the certificate has been issued in the name of the main applicant only .
In this context, it is also mentionworthy here that in the sanction letter it has been clearly mentioned that the main applicant will get the free accidental insurance of the whole loan amount whereas the insurance certificate was issued in the name of the main applicant. It is also to be mentioned here that no written / verbal consent was given on our part for the insurance being issued in the name of one person only.
Under such circumstances, what can I do. If I can go to the court of law . If yes, please suggest how far it is tenable and how should I proceed.
Thanking you,
Yours,
Nehal
Guest
(Expert) 28 July 2010
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE
MOBILE.9271971251, 9960223100
e.mail.adv.nbsawant@yahoo.co.in
e.mail.nandkumarbs@sify.com
REGARDING BANK LOAN AND INSURANCE OF YOU AND YOUR BROTHER KINDLY NOTE THAT
1.YOU HAVE A GOOD CASE AND YOU CAN DEFEND THE MATTER WITH LEGAL EXPERTS HELP.
2.BANK HAD FINANCED YOU AND YOUR BROTHER AND INSURANCE COVER WAS PROVIDED FOR LOAN.
3.KINDLY NOTE THAT YOUR BROTHER EXPIRED DUE TO ACCIDENT HENCE THE AMOUNT OF ACCIDENT INSURANCE WILL BE PAID TO THE BANK BY THE INSURANCE CO.YOU HAVE TO INFORM THE BANK IN WRITING AND ALSO TO THE INSURANCE CO.ABOUT THE ACCIDENTAL DEATH OF YOUR BROTHER.
4.YOU MAY KINDLY COLLECT DOCUMENTS OF POLICE COMPLAINT,F.I.R.AND CHARGESHEET REGARDING THE ACCIDENTAL DEATH OF YOUR BROTHER AND DEFEND YOUR MATTER STRONGLY.YOU WILL SUCCEED.
5.YOU MAY FILE A WRIT PETITION TO THE HIGH COURT OR FILE A CIVIL SUIT IN CIVIL COURTS FOR LEGAL REMEDY.CIVIL SUIT WILL BE COSTLY DUE TO STAMPS.HENCE FILE WP IN HIGH COURT.YOU WILL SUCCEED.
WITH BEST REGARDS TO YOU YOUR FAMILY AND FRIENDS.
YOU MAY WRITE OR CALL OR SMS FOR ANY FURTHER HELP.
GOOD LUCK.
YOURS SINCERELY
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE
Madhav Dongre
(Expert) 29 July 2010
You can also approach Consumer Forum against the bank As well as Insurance Company if your claim is repudiated.
Chanchal Nag Chowdhury
(Expert) 29 July 2010
Both Mr. Sawant & Mr. Dongre R right. I think the Consumer Forum is the best option.
However, a suit for Declaration & injunction may not be costly as Stamp Duty is low on such suits.
